As I pointed out in my previous post, home prices are NOT why people aren’t buying homes like a few years ago. Price increases have been in line with previous years. The 2 main problems with today’s housing market is the lack of inventory and the “high” interest rates (about the same as they were in 2007).
A possible solution is move a little farther north. It’s what I did. I sold my house on 2 acres in Lake Orion and bought a similar house on 67 acres in Lapeer County for about the same price. Just crossing that county line can make a big difference in both price and taxes.
As you can see above North Oakland County has always been significantly more expensive than Lapeer County. Through the first six months of this year the average sales price in North Oakland County was over $161K more than the average sales price in Lapeer. Last year there was over $157K difference in price.
The only real thing you give up by moving north is a bit of drive time. They have the same variety of homes- old fixers, new construction, lake homes, golf course homes. And of course more land. Land in Lapeer County is much cheaper. We also have shopping, entertainment, parks, etc. just like Oakland County.
As far as interest rates? They’re coming down. They were artificially low for several years, but the average interest rate in 2008 was over 6%. Houses still sold and the people who bought then more than likely refinanced as the rates came down.
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